Marcus: 2012 growth revised to 2.7%

The Reserve Bank has downwardly revised its 2012 growth forecast‚ to 2.7% from a previous forecast of 2.9%‚ given the worsening outlook for global economic growth.

Reserve Bank governor Gill Marcus delivered the bank’s monetary policy committee (MPC) statement in Pretoria on Thursday.

Marcus said growth was now expected at 3.8% in 2013 from a previous forecast of 3.9%.

The resolution of the European economic woes was “unlikely” before the end of 2012‚ Marcus said.

“Problems in the eurozone are likely to persist‚” she said. - I-Net Bridge